Saving the environment can go with lower power bills, but many still reluctant to change (SINGAPORE) In some parts of the world, conviction is driving hotels to go green. But, as several hotels in Singapore have concluded, common sense points to the same path. The Far East Organization, for example, realised that its corporate electricity […]
Archive | September 15, 2007
Job growth revised upwards as wages rise 8.5% in Q2
Updated figure is 64,400 , an all-time quarterly high, up from 61,900 earlier (SINGAPORE) The record number of jobs created in the April-June quarter has been revised upward as employment kept surging, pushing monthly earnings to a level not seen since the last economic boom in 2000. Updated figures released yesterday by the Ministry of […]
I was late to see sub-prime storm brewing: Greenspan
(WASHINGTON) Former US Federal Reserve chairman Alan Greenspan said he was late to see the storm gathering around US mortgage lending practices and commended his successor Ben Bernanke’s handling of the crisis, saying he would likely be responding in a similar fashion. ‘I think he is doing an excellent job,’ Mr Greenspan said of Mr […]
US consumer spending, global growth may cushion slowdown
Consumption one reason for mild instead of serious downturn: analysts (NEW YORK) When Annie Cox is unsure if the economy is headed south – a question on the minds of many on Wall Street and Main Street these days – she keeps an eye on the orders for beverages at the diner she runs in […]
PLAY OF THE WEEK – CDL attracts heavy buying after clinching iconic site
CLINCHING the historic Beach Road military camp site helped ignite fresh buying interest in property giant City Developments (CDL). The site, which cost the CDL-led consortium $1.69 billion, is just a stone’s throw from the upcoming Marina Bay Sands integrated resort and the Formula One street circuit. Observers believe the acquisition will enhance CDL’s already […]
Wages rising faster than at any time since 2000
Productivity also up, but experts fear high labour costs could dent competitiveness LABOUR-SHORT bosses are raising wages faster than at any time since 2000, but the good times for workers could dent Singapore’s competitiveness. Workers’ earnings have recorded a year-on-year increase of 8.5 per cent, the largest rise since the economic boom seven years ago. […]
Is red-hot property market starting to slow down?
Possible correction seen but underlying demand is still strong, say experts AFTER months of racing along at a feverish pace, Singapore’s residential property market seems to be finally taking a breather. Home sales and collective sales slowed last month, and property watchers have started to speak of a possible correction in the market. ‘A correction […]
No signs of bubble in property sector, say two bankers
SINGAPORE’S buoyant property market shows no signs of a speculative bubble, two leading bankers said yesterday. DBS Group Holdings chief executive Jackson Tai said home prices may have risen but this simply reflects the strong fundamentals of a balanced economy. Mr Philip Lee, senior country officer of investment bank JPMorgan Chase, echoed Mr Tai’s views. […]
China’s tallest tower caps Shanghai skyline
Final beam is laid for the skyscraper to be completed by 2008 Olympics SHANGHAI – AFTER more than a decade of delays, China’s tallest building is slicing through Shanghai’s hazy, skyscraper-studded skyline – a new trophy built by Japanese property tycoon Minoru Mori. The 101-storey Shanghai World Financial Centre, a 492m wedge-shaped tower with a […]
Gardens and sea to frame new Marina South homes
60 hectares set aside for 11,000 units in latest makeover move (SINGAPORE) A landmark residential district – with lush gardens by its side, a spectacular view of the sea and the Sands Integrated Resort a mere stone’s throw away – will rise over the next few years to add further gloss to the Marina Bay […]
Horizon sellers miss deadline; hearing expected in 2 weeks
Majority sellers still trying to form sales committee; some keen to contest suit THE majority sellers of Horizon Towers missed a deadline to extend the completion date for the collective sale of the development. And the buyers are now set to make good on their threat to haul each and every one of the sellers […]
HDB upgraders are back in force
Big hike in secondary market deals shows genuine demand: analysts (SINGAPORE) The broad-based recovery in the property sector is gathering pace with data showing a spike in the number of property transactions by Housing and Development Board (HDB) upgraders. Looking at data which captures transactions made by buyers with registered HDB addresses – traditionally considered […]
Singapore to be Lippo’s springboard to Asia
Group in expansion mode to make Republic its international HQ (SINGAPORE) The Lippo Group will use Singapore as its international headquarters as it grows its presence in Asia, chief executive James Riady told BT in an interview. Right now, about 70 per cent of the group’s assets are in Indonesia, but the figure could fall to […]
Marina South: New choice area for homes
60ha site earmarked for ‘waterfront-garden living’; design contest seeks fresh ideas THE Government yesterday earmarked a giant 60ha site right on the coast at Marina South for what it bills as ‘waterfront-garden living’ in the heart of the city. The site, not far from the upcoming Marina Bay Sands integrated resort, is already being touted […]
District 19 – home of property investors
Data shows area has highest number with multiple home loans (SINGAPORE) It may not top Singapore’s wealth charts, but Hougang has plenty of property investors – or speculators. District 19, which includes Serangoon Gardens, Hougang and Punggol, has the highest number of borrowers with multiple property loans, at 3,263. According to data from Credit Bureau […]
New rule may result in lumpy property earnings
Proposed change requires developers to book revenue only on completion (SINGAPORE) A new accounting interpretation standard being proposed will require property developers to recognise revenue from their projects only on completion and not in phases. Developers are said to be resisting the proposed change in accounting standard which, they say, will result in greater fluctuations […]
Boom resonates in home loan numbers
Number of people with multiple home loans up 64% in June as applications surge (SINGAPORE) For thousands in Singapore, a single home – or a single loan – is no longer enough. Riding the property boom, with its promise of huge gains, the number of people with multiple home loans soared to 38,520 in June […]
HK property deals surge to 2-year high in August
Number of deals in August soars to two-year high of 13,664 IN HONG KONG A SURGE in property deals has fuelled hopes that Hong Kong’s mass market is poised to catch up with the city’s runaway luxury sector. The number of deals surged last month to a two-year high of 13,664, an increase of 22.9 […]
CBRE, Savills open new offices
PROPERTY firm CB Richard Ellis (CBRE) is set to open its office in Koh Samui, Thailand, while its competitor Savills officially opened its office in Dalian, China, yesterday. CBRE’s office opens tomorrow. The group, which already has offices in Bangkok and Phuket, said in a press statement yesterday that the move was in response to […]
Jones Lang plans mall mgmt JV in China
(BEIJING) Global real estate services company Jones Lang LaSalle (JLL) is in talks with a shopping centre management firm to establish a 50-50 joint venture in China, a senior company executive said yesterday. Managing director David Hand said the company ‘is looking at doing a merger – a joint venture with an overseas expert in […]
House prices in Chinese cities up 8.2% in August
The government has pledged to tame the wild property market (BEIJING) House prices in 70 large and medium-sized Chinese cities were up 8.2 per cent in August compared with last year, as the rising trend continues to show no sign of stopping, according to latest statistics released yesterday. The rise actually hit a new high […]
Ascott’s China service residences lauded
It plans to grow its China portfolio to 10,000 units by 2010 THREE service residences managed by The Ascott Group have been named ‘China’s Best Serviced Apartments’ by Forbes China magazine. Ascott Beijing, Ascott Shanghai Pudong and Somerset Olympic Tower, Tianjin were among 15 winning projects chosen from 100 short-listed in Beijing, Dalian, Guangzhou, Shanghai, […]
Sub-prime crisis needs multilateral solution
By ANTHONY ROWLEY TOKYO CORRESPONDENT NORMALLY, when there is a major financial crisis of one kind or another, it is easy to find someone to blame. In the case of the Asian crisis 10 years ago, for example, fingers were quickly pointed at the International Monetary Fund (IMF). When Japan’s bubble economy collapsed, the Bank […]
Billionaire expects to do well in Marina Bay Sands gambit
WITH just one competitor in town, Las Vegas Sands chairman Sheldon Adelson believes his company has a winning hand in its upcoming Singapore venture. Even as costs of building the Marina Bay Sands integrated resort look set to swell, the American billionaire is counting on the two- horse race – and a big bet on […]
More consumers with two or more property loans now
Number surges by 64% from a year ago; level of new loans rises by 12% AMID Singapore’s property boom, the number of investors with two or more property loans shot up by 64 per cent in June from a year earlier. And the number of borrowers owing more than $1 million in property loans was […]
Plan for property developers to change way of reporting revenue
Call for income to be booked only upon completion of a project, not gradually MANY real estate developers may soon have to change the way they treat sales revenue in their financial accounts. Under a proposal submitted by the Council on Corporate Disclosure and Governance, developers will have to recognise revenue only upon completion of […]
Rising costs here a big problem, say finance execs
Higher rents, property prices cited in survey of 508 professionals from S’pore and HK MORE than six out of 10 finance industry professionals in Singapore, both locals and expats, regard the rising cost of living here as ‘a big problem’, a recent poll has found. This hike in living expenses may ’cause the city to […]
Ang Mo Kio condo site sets record
Far East’s $202.9m winning bid means suburban project may eventually launch at over $1,100 psf (SINGAPORE) A plum condominium site in the heart of Ang Mo Kio has set a new record for suburban land prices, fetching some $601 per square foot per plot ratio (psf ppr). And when the project is eventually launched, it […]
HDB launches design, build and sell site at Ang Mo Kio
THE Housing and Development Board has launched a third Design, Build and Sell Scheme (DBSS) site for sale. The latest site, which is at Ang Mo Kio Street 52, is the second to be launched for sale this year. The site area is 16,789.1 sq m (180,716 sq ft), with an allowable gross floor area […]
Q3 may see slowdown in private home sales
But new launches may accelerate activity again, say market watchers (SINGAPORE) Private home sales are expected to slow this quarter – the result of the twin effects of the US subprime woes which made the headlines in August and the just-ended Hungry Ghost month. But the pace of activity is expected to pick up again […]
Property boom far from over: Kwek Leng Beng
CITY Developments executive chairman Kwek Leng Beng believes that the property boom here is far from over, despite the current financial market turmoil. ‘The boom actually just started in 2005, and if you’re thinking of a relapse, I don’t think that is possible,’ he told chief executives yesterday at the Forbes Global CEO Conference. ‘Sub-prime […]
Big fall in Hungry Ghost month auctions this year
Market conditions cited for sale of only 10 out of 131 properties offered OF the 131 properties put up for sale by auction during this year’s Hungry Ghost month, just 10 were sold – for a total value of $9.56 million – new data from property firm Colliers International shows. This figure is one of […]
Dreaded R-word heard again amid credit crunch
THE dreaded R-word is now becoming commonplace as the complex sub-prime and credit crisis takes hold in the US and Europe. The International Monetary Fund (IMF) and the Organisation For Economic Development (OECD) have cut their US and global growth forecasts. Blue Chip Economic Indicators surveyed 50 economists who believe that there is a one […]
Fed officials see threat to growth in sub-prime mess
Concrete risks of broader slump pose downward pressure on economic activity (WASHINGTON) Three senior Federal Reserve officials said on Monday that the turmoil in housing and mortgage lending had begun to threaten the overall economy, a condition policy makers have said is the crucial test for deciding whether to lower interest rates at their meeting […]
The Fed likely to cut, but cautiously
TO many observers, it appears a foregone conclusion that when the US Federal Reserve meets on Sept 18, it will cut short-term interest rates, possibly by as much as 50 basis points. Some have even called for a 100 basis point cut. It is hoped the subsequent easing of pressure in credit markets will spill […]
Lessons from a blow-up
SHANE OLIVER goes back to the scene of the crime and uncovers the damning caveats THE last month or so has seen big swings in markets on the back of the turmoil in credit markets. By and large though, most investors should have come through reasonably unscathed. However, some would not have been so lucky. […]
Happy investing
Investors need to look within themselves to determine their life goals, before embarking on the road to financial contentment, financial planner Arun Abey tells GENEVIEVE CUA WHAT does happiness have to do with financial planning? Some may say happiness is the fruit of a well-laid financial plan. After all all, such a plan should foster […]
US home sales not likely to recover next year
Moody’s says slump may last till 2009 as buyers struggle to get mortgages (NEW YORK) The US housing slump will probably last until 2009 and home sales will take a ‘substantial hit’ in the next several months as borrowers struggle to get mortgages, Moody’s Investors Service said. ‘The downturn is more severe and more protracted […]
MONEY MATTERS – Time to get domestic
Recession in the US used to be the kiss of death for emerging economies, but that may no longer be the case By MICHAEL PREISS THERE was something inevitable about the worst US job reports in four years. They suggest that the American economy has now ‘officially’ slipped into recession and will ensure that the […]
American jobs outlook steady for Q4: survey
(NEW YORK) Weak US housing and trouble in the credit markets are, for now, having limited impact on job plans, according to a survey released yesterday. Employers remain confident about hiring for the fourth quarter, Manpower Inc said. Its poll of 14,000 employers found the net employment outlook – the difference between those adding jobs […]
Shanghai stocks dive as inflation soars
Interest rate fears fuel 4.5% plunge in Shanghai market (BEIJING) Soaring food prices propelled China’s annual consumer price inflation to 6.5 per cent in August, the fastest pace in nearly 11 years, cementing expectations the central bank will defy the global trend and keep raising interest rates. The inflation rate published yesterday, up from 5.6 […]
Will China’s central bank hike rates again?
From a macroeconomic point of view, it might not be in a rush for an increase this month THE People’s Bank of China (PBOC), China’s central bank, issued 151 billion yuan (S$30.6 billion) of directional bills to selected commercial banks last week. Unlike the ordinary central bank bills distributed in the open market, PBOC made […]
Plunge in August auction sales partly due to US sub-prime woes
Total value hits $11m, one-fifth of previous month’s showing: Colliers SALES of properties on auction here plummeted last month, in one of the first signs that the global credit crunch may be taking a toll on Singapore’s property market. Only $10.79 million of properties were sold under the hammer in the month, less than one-fifth […]
WARRANT WATCH – Investors load up on property contracts
THE turmoil which has engulfed financial markets globally has hardly dented investor enthusiasm in Singapore’s red-hot property market. The swift recovery of property giants such as City Developments (CDL) and CapitaLand after a region-wide selloff two weeks ago suggests that the Singapore equities market has decoupled itself from the volatility on Wall Street. Yesterday, covered […]
Third site for condo-like public flats in Ang Mo Kio
A CHOICE site close to amenities in Ang Mo Kio has been earmarked for the third public housing project to be designed, built and sold by private developers. The site, which analysts estimate can fit about 550 flats, and blocks that rise up to about 36 storeys, will be launched for tender by the HDB […]
Plenty of upside left in mid-tier property market: Kwek Leng Beng
DESPITE woes in the United States’ housing market, there is still plenty of zing in Singapore’s red-hot property market. Banks are still lending a lot of cash and mid-tier homes are still on offer at prices below 1996′s peak, says Mr Kwek Leng Beng, executive chairman of leading developers City Developments and Hong Leong Group. […]
Housing turmoil ‘threatens US economy’
Fed officials say there is a risk of broader downturn; comments set stage for rate cut WASHINGTON – TWO senior Federal Reserve officials said on Monday that the turmoil in housing and mortgage lending has begun to threaten the overall US economy. Their statements set the stage for a likely cut in the Fed’s benchmark […]
Malaysia’s private sector will drive development projects: Abdullah
KL will not build fast train track to S’pore, neither will it stop firms from doing so MALAYSIA will rely on the private sector to drive its developmental projects from now on, departing from its previous practice of putting government agencies and civil servants in charge, its Prime Minister said yesterday. Prime Minister Abdullah Badawi […]
